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Shortput

Opened (IRA): QQQ July 29th 225 Short Put... for a 2.37 credit. Comments: Keeping on keeping on in this weakness ... . Targeting the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 days. Currently, I have a couple "rungs" that are in-the-money and will consider taking assignment of shares on some of the higher rungs if I can't roll, strike improve, and receive a decent credit without going out ridiculously long-dated. A couple are high delta strikes, and it may be more advantageous from a delta standpoint to allow assignment and then sell call against (since that will probably result in a lower delta setup where the short put strike is currently at >90 delta, for example). Additionally, deep in-the-money shorts can be illiquid, so taking assignment and selling call against might be "cleaner," since the calls against will be out-of-the-money and more liquid. Naturally, I'll address each rung as we close in on 7 DTE, which is when I like to do my rolls on these.
NASDAQ:QQQLong
by NaughtyPines
Opened (IRA): SPY July 29th 350 Short Put... for a 4.00 credit. Comments: Opened on Friday ... . Selling the <16 strike paying around 1% of the strike price in credit in the expiry nearest 45 days. Still well hedged with QQQ long put diagonal, (See Post Below), and SPY long put diagonal, (See Post Below), although price has pushed into the short legs of those, lessening their net delta. Consequently, I will either look to add short delta with another setup, do some subtractive Plain Jane profit taking on the short put side (long delta), or some combination thereof.
AMEX:SPYLong
by NaughtyPines
Rolled (IRA): SPY June 17th 393 Short Put to August 360... for a 2.40 credit. Comments: Been rolling this for quite a while now ... . Mechanically rolling out for duration at 50% max to the <16 delta strike paying 1% of the strike price in credit in the shortest duration expiry, which is currently August (neither July 15th nor July 22nd <16 delta are paying 1%). I'm doing this in lieu of adding units in SPY at the moment, because it doesn't appear it's paying in shorter duration. As usual, I'll look at selling shorter duration if it starts paying again. Total credits collected of 26.99 (See Post Below) plus the 2.40 here, for a total of 29.39 relative to a price for the August 360 (73 DTE) of around 3.70, so I've realized gains of 25.69 ($2569) so far.
AMEX:SPYLong
by NaughtyPines
Rolled (IRA): IWM June 17th 179 Short Put to July 22nd 169... for a 1.03 credit. Comments: Mechanically rolling out at 50% max to the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 days. Total credits collected of 3.76 (See Post Below) plus the 1.03 here for a total of 4.79 relative to the July 22nd 169 short put value of around 1.80, so I've realized gains of 2.99 ($299) so far. Doing this reduces risk not only because the strike is lower, but also because I collected a credit to do it, reducing my cost basis even further.
AMEX:IWMLong
by NaughtyPines
Opened (IRA): QQQ July 22nd 265 Short Put... for a 2.69 credit. Comments: Continuing to target the <16 delta strike (the 265's at the 13 delta or so) paying around 1% of the strike price in credit in the exchange-traded fund with the highest 30-day, which remains QQQ. Strikes sub-275 in the July 22nd expiry are 5-wide, so I may pause here a bit if 1-wides don't fill in so that I can avoid stepping on rungs. It's purely a practical thing; I like to keep track of the cost basis of each rung and when you go multiples at a single strike that were put on at different times for different credits, it complicates things (although the math, in fact, isn't that complicated).
NASDAQ:QQQLong
by NaughtyPines
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